minimumWage News & Analysis
2 articles
Market Mood
Next (NXT) Sees Job Applicant Surge Amid Youth Unemployment Crisis
Lord Wolfson, CEO of Next (NXT), stated that the number of applicants per job for shop positions has risen from 10 to 19 over the past two years, indicating a crisis in youth unemployment. The unemployment rate for 16 to 24-year-olds is currently 16.2%, more than three times the overall rate of 5%. Wolfson mentioned that a ban on zero-hours contracts and rising National Insurance costs could hinder job creation. Additionally, Next has reported a £70 million annual increase in its wage bill attributed to government policies while noting a thriving online business.
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Minimum Wage Rises to £12.71 with 2.7M Impacted Workers
The national minimum wage in the UK increases by 50p to £12.71 for those over 21, impacting approximately 2.7 million workers. Workers aged 18-20 will see an increase of 85p to £10.85, while under-18s and apprentices will get a 45p raise to £8 per hour. Businesses have expressed concern that higher wage bills may lead to price increases or staffing cuts. The Low Pay Commission indicated that previous minimum wage increases have not significantly harmed job numbers.
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